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Invesco takes 15 per cent stake in A J Bell

Invesco Perpetual has taken a 15 per cent stake in A J Bell and Midas Capital Partners has increased its stake to 15 per cent in a deal that makes founder Andy Bell £9m.
The move sees the two investment firms invest £14m by way of a purchase of existing shares.
Bell has reduced his stake in the business from 53 per cent to 42 per cent in a deal that values the firms at £78m. The move raises Midas’ stake from 12 per cent to 15 per cent.
Bell says the firm is considering all options, including a float, and has hired a new chairman, Jim Martin, to help the process. Martin was formerly chief executive of N Brown Group.
Bell says: “This marks the start of the next stage in the growth of our business, which is now into its twelfth year.”
Hargreaves Lansdown head of pensions research Tom McPhail says: “Andy Bell has built a fantastic business; this news is indicative of the phenomenal growth in the Sipp market over the past couple of years, and of the tremendous potential which still exists. Well capitalised and efficient Sipp providers will continue to thrive in this growing market.”

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